An Updated Marxian Theory of Commodity

How does material production become socially
recognised in Capitalism? This is a fundamental
question for Economics, as material production takes
place privately and independently in a worldwide
system. The present book shows that the process of
social recognition of material production and the
process giving rise to money are one and the same. It
further highlights that they are only the material
manifestation of the realisation of work carried out
privately and independently as part of the social
labour. The theory of commodity outlined completes
the characterisation of commodity as a historical
mode of production and recovers Marx s fundamental
concept of the mercantile form of value. As a result,
it stands out that the mercantile form of value is
the indirect way in commodity production to allocate
the productive powers of society, Smith s invisible
hand. Furthermore, the book breaks the false
immediate identity between means of production and
capital, and that between money and capital. The
fallacy that the labour theory of value disregards
the inputs to production other than labour is thus
laid bare, as is the misconception that directly
identifies supply with production.